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Bond Debenture Fund

Summary

Summary

What is the Bond Debenture Fund?

The Fund seeks to deliver high current income and long-term growth of capital by investing primarily in a variety of fixed income securities and select equity-related securities.

A PIONEER IN MULTI-SECTOR

Over four decades of multi-sector bond investing, emphasizing rigorous credit research.

A FLEXIBLE APPROACH

The flexibility to adjust allocations to take advantage of opportunities as market conditions change.

TIME-TESTED RESULTS

A long track record illustrates performance in many market environments.

Yield

Dividend Yield 1 as of 11/15/2019  

w/o sales charge 4.05%

30-Day Standardized Yield 2 as of 10/31/2019  

3.34%

Fund Basicsas of 10/31/2019

Total Net Assets
$15.55 B
Inception Date
03/27/1998
Dividend Frequency
Monthly
Fund Expense Ratio
0.59%
Number of Holdings
785
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 11.94% 9.28% 6.20% 5.38% 7.54% 6.21%
Lipper Category Avg. Multi-Sector Income Funds 8.75% 8.11% 4.30% 3.49% 5.28% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.85% 11.51% 3.29% 3.24% 3.73% 4.95%

Fund Expense Ratio :

0.59%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 11.56% 6.10% 5.95% 5.57% 7.63% 6.22%
Lipper Category Avg. Multi-Sector Income Funds 8.37% 6.64% 4.12% 3.55% 5.33% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.52% 10.30% 2.92% 3.38% 3.75% 4.96%

Fund Expense Ratio :

0.59%

RELATED CONTENT

The Lord Abbett Bond Debenture Fund
September 5, 2019

Here’s how a flexible, multi-sector approach to fixed income has generated consistent long-term returns.

A Multi-Sector Bond Approach
April 16, 2018

Lord Abbett partner and portfolio manager Steven F. Rocco discusses an approach that may be well suited for today’s market environment.

How Lord Abbett Invests in High Yield
February 2, 2018

Portfolio managers Steven Rocco and Andrew O'Brien explain their investment process.

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
MBS
Non-U.S. Investment Grade Corporate
Sovereign
Non-U.S. High Yield Corporate
Equity
Bank Loans
U.S. Government Related
Municipals
CMBS
ABS
Convertibles
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 10/31/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

22 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 62 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 11/15/2019  

w/o sales charge 4.05%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.34% 3.34%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 11.94% 9.28% 6.20% 5.38% 7.54% 6.21%
Lipper Category Avg. Multi-Sector Income Funds 8.75% 8.11% 4.30% 3.49% 5.28% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.85% 11.51% 3.29% 3.24% 3.73% 4.95%

Fund Expense Ratio :

0.59%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 11.56% 6.10% 5.95% 5.57% 7.63% 6.22%
Lipper Category Avg. Multi-Sector Income Funds 8.37% 6.64% 4.12% 3.55% 5.33% -
Bloomberg Barclays U.S. Aggregate Bond Index 8.52% 10.30% 2.92% 3.38% 3.75% 4.96%

Fund Expense Ratio :

0.59%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2018 -3.77% 0.01%
2017 9.44% 3.54%
2016 12.62% 2.65%
2015 -1.59% 0.55%
2014 4.76% 5.97%
2013 8.16% -2.02%
2012 13.49% 4.22%
2011 4.35% 7.84%
2010 13.40% 6.54%
2009 35.87% 5.93%
2008 -20.14% -
2007 5.72% -
2006 10.29% -
2005 1.93% -
2004 8.97% -
2003 20.58% -
2002 -0.66% -
2001 5.44% -
2000 -0.61% -
1999 4.27% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 6.91% 3.67% 0.66% - 11.87%
2018 -1.10% 0.02% 2.30% -4.90% -3.77%
2017 2.72% 2.01% 2.60% 1.80% 9.44%
2016 1.69% 4.38% 4.83% 1.21% 12.62%
2015 3.46% -0.39% -3.59% -0.95% -1.59%
2014 2.93% 2.60% -1.50% 0.71% 4.76%
2013 3.21% -1.28% 2.66% 3.42% 8.16%
2012 5.76% 0.20% 4.56% 2.43% 13.49%
2011 4.31% 0.94% -6.39% 5.88% 4.35%
2010 3.93% -1.11% 6.60% 3.50% 13.40%
2009 2.51% 12.94% 11.51% 5.24% 35.87%
2008 -2.83% 1.52% -7.75% -12.25% -20.14%
2007 2.61% 1.32% 1.99% -0.30% 5.72%
2006 2.82% -0.43% 3.64% 3.95% 10.29%
2005 -1.78% 1.63% 1.61% 0.49% 1.93%
2004 1.83% -0.53% 3.05% 4.39% 8.97%
2003 3.44% 7.92% 2.06% 5.83% 20.58%
2002 0.08% -3.83% -1.84% 5.15% -0.66%
2001 3.84% -0.22% -3.52% 5.47% 5.44%
2000 -0.16% 1.00% 1.45% -2.84% -0.61%
1999 1.77% 0.05% -1.36% 3.82% 4.27%
1998 - 0.76% -4.88% 4.92% 0.55%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
MBS
Non-U.S. Investment Grade Corporate
Sovereign
Non-U.S. High Yield Corporate
Equity
Bank Loans
U.S. Government Related
Municipals
CMBS
ABS
Convertibles
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 10/31/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 9/30/2019

  • From a sector standpoint, we have been shifting the portfolio from defensive to cyclical sectors—adding energy, industrial, building products, and automotive issues, and reducing healthcare and media holdings.
  • We decreased the portfolio’s equity exposure and increased the allocation to mortgage backed securities over the quarter as we saw attractive valuations given relatively elevated spread levels.
  • In terms of ratings, we have been reducing the portfolio’s holdings of BB-rated debt, as we view BBs as the most overpriced category in high yield, and rotating into BBB-rated credits.
  • We believe the portfolio’s allocations to high yield bonds, bank loans and equity-related securities should offer diversification benefits and mitigate its sensitivity to changes in interest rates.
  • We remain constructive on risk assets despite continuing bouts of volatility. We believe that general economic fundamentals will favor the lower-rated segments of the leveraged credit market.

Portfolio Details as of 10/31/2019

Total Net Assets
$15.55 B
Number of Issues
785
Average Coupon
4.78%
Average Life
9.39 Years
Average Maturity
10.38 Years
Average Effective Duration
4.51 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/15/2019
$0.287
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.02696 $8.01
Daily Daily 09/30/2019 $0.02730 $8.01
Daily Daily 08/31/2019 $0.02804 $8.07
Daily Daily 07/31/2019 $0.02801 $8.06
Daily Daily 06/30/2019 $0.02852 $8.04
Daily Daily 05/31/2019 $0.02842 $7.86
Daily Daily 04/30/2019 $0.02904 $7.90
Daily Daily 03/31/2019 $0.02983 $7.84
Daily Daily 02/28/2019 $0.03034 $7.75
Daily Daily 01/31/2019 $0.03092 $7.67

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $0.0841 - $0.0841 $7.50
07/30/2018 07/31/2018 - $0.0398 $0.0398 $7.93

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

0.59%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Flyer
Publish Date:11/03/2015
Publish Date:11/03/2015
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Publish Date:11/03/2015

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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